Steve Holliday, Chief Executive, said: "Our business has delivered a strong performance in the first half of the year while maintaining high standards of safety and reliability for our customers and increasing our level of investment. Headline profits have benefited from an excellent performance from our interconnectors and property activities, which are strongly weighted towards the first half."
Strong first half performance:
Adjusted earnings per share of 28.4p, up 22%, principally driven by other activities
Investment of £1.9bn up 17% at constant currency
UK Regulated: progress towards another year of good performance
o increased investment to over $1.4bn
o agreed increased capex and extended tracker in downstate New York
o full rate case filed for Massachusetts Electric
Other activities: very strong first half UK interconnector and property performance
Strong balance sheet maintained
o interim dividend of 15.00p per share in line with policy
Interim dividend up 0.29p to 15.00p, in line with policy to pay 35% of full year 2014/15
The Board has approved an interim dividend of 15.00p per ordinary share ($1.1323 per American Depositary Share2). This represents 35% of the total dividend per share in respect of the last financial year 2014/15 in line with the dividend policy announced in March 2013. The interim dividend is expected to be paid on 13 January 2016 to shareholders on the register as at 27 November 2015. A scrip dividend alternative will be offered for this interim dividend.
The Group's dividend policy is to grow the ordinary dividend per share at least in line with the rate of RPI inflation each year for the foreseeable future. The 2015/16 interim dividend of 15.00p represents a 0.29p (2.0%) increase over the interim dividend for the year ended 31 March 2015 of 14.71p. It is expected that the final dividend paid next August in respect of the year ending 31 March 2016 will reflect the remaining monetary value of the percentage increase for the year as a whole. The total dividend in respect of the year ended 31 March 2015 was 42.87p per ordinary share.